{"id":3071,"date":"2024-10-08T14:49:41","date_gmt":"2024-10-08T14:49:41","guid":{"rendered":"https:\/\/wp-stg.zanderins.com\/?p=3071"},"modified":"2026-07-16T15:52:48","modified_gmt":"2026-07-16T15:52:48","slug":"rising-insurance-premiums-and-what-you-can-do-about-it","status":"publish","type":"post","link":"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/","title":{"rendered":"Rising Insurance Premiums and What You Can do About It"},"content":{"rendered":"

\"\"<\/p>\n

Why are my insurance premiums going up?<\/h2>\n

There are several factors that can cause an increase in insurance rates. Typically, a rate increase is based on the individual experience of the client and whether they have had insurance claims frequently or of a severe nature. Another reason a customer\u2019s rates can rise is the overall experience the insurance company has had in that territory or region. Over the last 18 months we have seen these and a growing number of other factors greatly impact the rates being charged for both home and auto insurance, as well as more restrictions on eligibility and availability.<\/p>\n

Intensified Storm Activity<\/h2>\n

The increasing number of significant weather events across the country \u2013 including tornados, damaging winds and hailstorms, flooding, and a significant uptick in wildfires \u2013 have added a new dimension of risk for insurance companies and, in some cases, challenged their long-term ability to pay claims in the future.\u00a0 In 2023, there were over 30 events costing over $1 billion1<\/sup>; previously, it took a period of ten years to reach that amount.\u00a0 This change in weather events has made for more frequent and severe types of claims, which are inherently reflected in the rates insurance companies charge.<\/p>\n

Rising Inflation<\/h2>\n

Economic factors can also have an impact on insurance rates. Over the past six years the cost of building materials (lumber, copper, roofing, etc.), labor costs, and supply chain delays have increased by 33-55%, which has a direct impact on the number of dollars paid out by insurance companies.<\/p>\n

Increasing Auto Repair Cost<\/h2>\n

With auto insurance, the cost of repairs has skyrocketed, as well as the value of used cars. In 2018, the average auto claim cost $4,821.2<\/sup> But with all the technology included in today\u2019s vehicles and the training and material cost for replacement parts, the average claim has gone up 24%3<\/sup>.\u00a0 Not to mention an increase in the frequency of auto claims since the end of the pandemic, as more people began driving again.<\/p>\n

Overall, insurance companies have not been able to keep up with the frequency and cost of these increases based on the rates that they were charging three to five years ago.\u00a0 This is one of the primary reasons why everyone is seeing higher costs for their insurance coverage. In addition, the restrictions in eligibility for new policies is an attempt to slow down how much risk insurance companies are assuming until they can get their pricing to better reflect the costs they are incurring.<\/p>\n

All of these factors contribute to rising rates and harder-to-find coverage and are one reason you may have heard the term \u201chard market,\u201d since it is harder to find the coverage you need at an affordable price lately.<\/p>\n

How do I find affordable coverage during a hard market?<\/h2>\n

During a hard market, it is especially important to shop from several companies to find a policy that best fits your needs and budget. There are still options available out there for most people but taking the time and effort to review each one can be frustrating and time consuming.\u00a0 Using an independent insurance agent\/broker is a great way to shop and compare a wide range of insurance company options. \u00a0Unlike a \u201cone-company agent\u201d like State Farm, Geico, Liberty and others, an independent agent\/broker works for you<\/em> and can shop and compare with multiple companies now and in the future to make sure your rates stay competitive year after year.\u00a0 They are also trained to not only know insurance coverages but also key elements of plans such as billing options, technology services, claims reputation and other areas that should be considered when reviewing options.<\/p>\n

How do I select an independent insurance agent?<\/h2>\n

Look for an agent that is large enough to shop dozens of companies to find you the coverage you need, but also committed to a level of service that is exceptional in the industry.\u00a0 They should be a reputable and stable company whose sole focus is on meeting the needs of their customers.<\/p>\n

That is why The Ramsey team, a well-known team of personal finance experts, radio show hosts, and authors, uses and recommends Zander Insurance to their 30 million listeners as an independent agent that possesses all these qualities. \u201cI have used Zander personally for all my insurance needs for more than 25 years. They shop hundreds of companies to get me the right coverage at the best price.”<\/p>\n

Conclusion<\/h2>\n

A hard market in the insurance industry can make finding affordable coverage more difficult, costly, and time-consuming. While we can\u2019t avoid the challenges a hard market brings, the good news is an independent agent, who works for you, can still find you great coverage and great rates, even in a hard market.<\/p>\n

Sources:<\/p>\n

    \n
  1. https:\/\/www.climate.gov\/news-features\/blogs\/beyond-data\/2023-historic-year-us-billion-dollar-weather-and-climate-disasters<\/a><\/li>\n
  2. https:\/\/content.naic.org\/article\/naic-releases-2019-2020-auto-insurance-database-report<\/a><\/li>\n
  3. https:\/\/www.forbes.com\/advisor\/car-insurance\/car-insurance-facts-and-statistics\/<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    Why are my insurance premiums going up? There are several factors that can cause an increase in insurance rates. Typically, a rate increase is based on the individual experience of the client and whether they have had insurance claims frequently or of a severe nature. Another reason a customer\u2019s rates can rise is the overall […]<\/p>\n","protected":false},"author":5,"featured_media":3087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,11],"tags":[19],"class_list":["post-3071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto","category-home-insurance","tag-homepage-blog"],"better_featured_image":{"id":3087,"alt_text":"","caption":"","description":"","media_type":"image","media_details":{"width":740,"height":411,"file":"12-1.png","sizes":{"medium":{"file":"12-1-300x167.png","width":300,"height":167,"mime-type":"image\/png","filesize":18898,"source_url":"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1-300x167.png"},"thumbnail":{"file":"12-1-150x150.png","width":150,"height":150,"mime-type":"image\/png","filesize":7399,"source_url":"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1-150x150.png"}},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0","keywords":[]}},"post":3064,"source_url":"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1.png"},"acf":[],"yoast_head":"\nRising Insurance Premiums and What You Can do About It | Zander Insurance<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rising Insurance Premiums and What You Can do About It | Zander Insurance\" \/>\n<meta property=\"og:description\" content=\"Why are my insurance premiums going up? There are several factors that can cause an increase in insurance rates. Typically, a rate increase is based on the individual experience of the client and whether they have had insurance claims frequently or of a severe nature. Another reason a customer\u2019s rates can rise is the overall […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/\" \/>\n<meta property=\"og:site_name\" content=\"Zander Insurance\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZanderInsurance\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-08T14:49:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-16T15:52:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"740\" \/>\n\t<meta property=\"og:image:height\" content=\"411\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Aynsley Broom\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@zanderinsurance\" \/>\n<meta name=\"twitter:site\" content=\"@zanderinsurance\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aynsley Broom\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/\",\"url\":\"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/\",\"name\":\"Rising Insurance Premiums and What You Can do About It | Zander Insurance\",\"isPartOf\":{\"@id\":\"https:\/\/wp-dev.zanderins.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1.png\",\"datePublished\":\"2024-10-08T14:49:41+00:00\",\"dateModified\":\"2026-07-16T15:52:48+00:00\",\"author\":{\"@id\":\"https:\/\/wp-dev.zanderins.com\/#\/schema\/person\/f1a5ff92c07c4bd38143ea9435115263\"},\"breadcrumb\":{\"@id\":\"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/#primaryimage\",\"url\":\"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1.png\",\"contentUrl\":\"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1.png\",\"width\":740,\"height\":411},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wp-dev.zanderins.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rising Insurance Premiums and What You Can do About It\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wp-dev.zanderins.com\/#website\",\"url\":\"https:\/\/wp-dev.zanderins.com\/\",\"name\":\"Zander Insurance\",\"description\":\"Zander API\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/wp-dev.zanderins.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/wp-dev.zanderins.com\/#\/schema\/person\/f1a5ff92c07c4bd38143ea9435115263\",\"name\":\"Aynsley Broom\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wp-dev.zanderins.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/5f8f1bb3f7f4e5edbb1d64903c1a67c6dce651f88489689d5c945cba363eeb1b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/5f8f1bb3f7f4e5edbb1d64903c1a67c6dce651f88489689d5c945cba363eeb1b?s=96&d=mm&r=g\",\"caption\":\"Aynsley Broom\"},\"url\":\"https:\/\/wp-dev.zanderins.com\/author\/abroom\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Rising Insurance Premiums and What You Can do About It | Zander Insurance","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"Rising Insurance Premiums and What You Can do About It | Zander Insurance","og_description":"Why are my insurance premiums going up? There are several factors that can cause an increase in insurance rates. Typically, a rate increase is based on the individual experience of the client and whether they have had insurance claims frequently or of a severe nature. Another reason a customer\u2019s rates can rise is the overall […]","og_url":"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/","og_site_name":"Zander Insurance","article_publisher":"https:\/\/www.facebook.com\/ZanderInsurance\/","article_published_time":"2024-10-08T14:49:41+00:00","article_modified_time":"2026-07-16T15:52:48+00:00","og_image":[{"width":740,"height":411,"url":"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1.png","type":"image\/png"}],"author":"Aynsley Broom","twitter_card":"summary_large_image","twitter_creator":"@zanderinsurance","twitter_site":"@zanderinsurance","twitter_misc":{"Written by":"Aynsley Broom","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/","url":"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/","name":"Rising Insurance Premiums and What You Can do About It | Zander Insurance","isPartOf":{"@id":"https:\/\/wp-dev.zanderins.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/#primaryimage"},"image":{"@id":"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/#primaryimage"},"thumbnailUrl":"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1.png","datePublished":"2024-10-08T14:49:41+00:00","dateModified":"2026-07-16T15:52:48+00:00","author":{"@id":"https:\/\/wp-dev.zanderins.com\/#\/schema\/person\/f1a5ff92c07c4bd38143ea9435115263"},"breadcrumb":{"@id":"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/#primaryimage","url":"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1.png","contentUrl":"https:\/\/static.zanderins.com\/wp-content\/uploads\/2024\/04\/02160909\/12-1.png","width":740,"height":411},{"@type":"BreadcrumbList","@id":"https:\/\/wp-dev.zanderins.com\/2024\/10\/08\/rising-insurance-premiums-and-what-you-can-do-about-it\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wp-dev.zanderins.com\/"},{"@type":"ListItem","position":2,"name":"Rising Insurance Premiums and What You Can do About It"}]},{"@type":"WebSite","@id":"https:\/\/wp-dev.zanderins.com\/#website","url":"https:\/\/wp-dev.zanderins.com\/","name":"Zander Insurance","description":"Zander API","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wp-dev.zanderins.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/wp-dev.zanderins.com\/#\/schema\/person\/f1a5ff92c07c4bd38143ea9435115263","name":"Aynsley Broom","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wp-dev.zanderins.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/5f8f1bb3f7f4e5edbb1d64903c1a67c6dce651f88489689d5c945cba363eeb1b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/5f8f1bb3f7f4e5edbb1d64903c1a67c6dce651f88489689d5c945cba363eeb1b?s=96&d=mm&r=g","caption":"Aynsley Broom"},"url":"https:\/\/wp-dev.zanderins.com\/author\/abroom\/"}]}},"post_categories":[{"term_id":10,"name":"Auto Insurance","slug":"auto","term_group":0,"term_taxonomy_id":10,"taxonomy":"category","description":"","parent":0,"count":13,"filter":"raw"},{"term_id":11,"name":"Home Insurance","slug":"home-insurance","term_group":0,"term_taxonomy_id":11,"taxonomy":"category","description":"","parent":0,"count":20,"filter":"raw"}],"post_tags":[{"term_id":19,"name":"Homepage-Blog","slug":"homepage-blog","term_group":0,"term_taxonomy_id":19,"taxonomy":"post_tag","description":"","parent":0,"count":48,"filter":"raw"}],"_yoast_wpseo_primary_product_cat":{"term_id":10,"name":"Auto Insurance","slug":"auto","term_group":0,"term_taxonomy_id":10,"taxonomy":"category","description":"","parent":0,"count":13,"filter":"raw"},"_yoast_wpseo_metadesc":"","_yoast_wpseo_title":"Rising Insurance Premiums and What You Can do About It","global_social_fields":{"facebook_site":"https:\/\/www.facebook.com\/ZanderInsurance\/","instagram_url":"https:\/\/www.instagram.com\/zanderinsurance\/","linkedin_url":"https:\/\/www.linkedin.com\/company\/zander-insurance","myspace_url":"","og_default_image":"https:\/\/s3.amazonaws.com\/zander-marketing-stg\/wp-content\/uploads\/2019\/11\/26202231\/og-image-zander-insurance.jpg","og_default_image_id":1162,"og_frontpage_title":"","og_frontpage_desc":"","og_frontpage_image":"","og_frontpage_image_id":"","opengraph":true,"pinterest_url":"https:\/\/www.pinterest.com\/zanderinsurance\/","pinterestverify":"","twitter":true,"twitter_site":"zanderinsurance","twitter_card_type":"summary_large_image","youtube_url":"https:\/\/www.youtube.com\/user\/zanderinsurance","wikipedia_url":"","other_social_urls":[],"mastodon_url":"","fbadminapp":""},"_yoast_wpseo_focuskw":"","_yoast_wpseo_linkdex":"0","_yoast_wpseo_metakeywords":"","_yoast_wpseo_meta-robots-noindex":"0","_yoast_wpseo_meta-robots-nofollow":"0","_yoast_wpseo_meta-robots-adv":"","_yoast_wpseo_canonical":"","_yoast_wpseo_redirect":"","_yoast_wpseo_opengraph-title":"","_yoast_wpseo_opengraph-description":"","_yoast_wpseo_opengraph-image":"","_yoast_wpseo_twitter-title":"","_yoast_wpseo_twitter-description":"","_yoast_wpseo_twitter-image":"","_yoast_wpseo_primary_category":"10","_links":{"self":[{"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/posts\/3071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/comments?post=3071"}],"version-history":[{"count":3,"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/posts\/3071\/revisions"}],"predecessor-version":[{"id":3897,"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/posts\/3071\/revisions\/3897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/media\/3087"}],"wp:attachment":[{"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/media?parent=3071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/categories?post=3071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp-dev.zanderins.com\/wp-json\/wp\/v2\/tags?post=3071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}